Cosi, Inc. Reports 2015 Period 10 Comparable Restaurant Sales
November 04 2015 - 6:30AM
Così, Inc. (NASDAQ:COSI), the fast casual restaurant company, today
reported that estimated system-wide comparable restaurant sales for
the 2015 Period 10, as measured for restaurants in operation for
more than 15 months, recorded an aggregate decrease of 0.5% as
compared to the 2014 Period 10. The breakdown in estimated
comparable restaurant sales between Company-owned and
Franchise-owned restaurants are as follows:
|
|
For the 4 Weeks
Ended |
|
|
|
October 26, 2015 |
|
Company- Owned |
|
|
-0.5 |
% |
|
Franchise |
|
|
-0.5 |
% |
|
Total System-Wide |
|
|
-0.5 |
% |
|
|
|
|
|
|
|
Comparable locations are defined as restaurants
in operation for more than 15 consecutive months as either
Company-owned or Franchise-owned locations. The 13
Hearthstone restaurants were acquired by the Company on April 1,
2015, and are not included in the reported Company-owned estimated
comparable restaurant sales. Commencing with the 2015 Period 10,
the Company is now disclosing comparable sales for the acquired
restaurants separately. For the 2015 Period 10, the Hearthstone
locations recorded an aggregate increase in comparable restaurant
sales of 1.7% compared to the 2014 Period 10.
“While the period’s results were below our
expectations, I am pleased with the improvements we experienced in
some markets, as well as the continued growth in our Boston
restaurants,” stated RJ Dourney, Cosi’s President and CEO. “I
am excited about the prospects that our digital media campaign,
which kicked off in New York City on November 2nd, will have on
bringing in new guests and lay the foundation for a broader
campaign elsewhere. I am also confident in the ongoing sales
building initiatives in place in all other markets.” Dourney went
on to say.
Dourney then addressed the franchise comparative
sales, stating, “We continued to see consistent sales growth trends
across our franchise system. However, one location is experiencing
extraordinarily challenging circumstances, which continued to
negatively impact our franchise results.”
About Così, Inc.Così (http://www.getcosi.com)
is an international fast casual restaurant company. At the
heart of every Cosi® restaurant is an open-flame stone-hearth oven
where the Così® signature flatbread is made from scratch throughout
the day. The flatbread is made from a generations-old recipe
and is part of many Così® favorites. Così® was founded on the idea
that good-for-you food should be delicious. Menu items are
made using fresh ingredients and distinctive sauces and spreads to
create edgy flavors. The menu features made-to-order
sandwiches, hand-tossed salads, bowls, breakfast wraps, melts, all
natural soups, signature Squagels®, artisan flatbread pizzas,
S`mores, snacks and desserts. Guests can also enjoy
handcrafted beverages and a variety of coffee-based and specialty
beverages.
Così® employees create a welcoming environment
where guests are invited to relax and enjoy great food. In
many cases, Così® is the cornerstone of the communities that they
are in and take pride in supporting community organizations and
local charities. There are currently 79 Company-owned and 30
franchise restaurants operating in fifteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
"Così," "(Sun & Moon Design)" and related marks are
registered trademarks of Così, Inc. in the U.S.A. and certain other
countries. Copyright © 2015 Così, Inc. All rights reserved.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. This press release contains statements that
constitute forward- looking statements under the federal securities
laws. Forward-looking statements are statements about future events
and expectations and not statements of historical fact. The words
"believe," "may," "will," "should," "anticipate," "estimate,"
"expect," "intend," "objective," "seek," "plan," "strive," or
similar words, or negatives of these words, identify forward-
looking statements. We qualify any forward-looking statements
entirely by these cautionary factors. Forward-looking statements
are based on management's beliefs, assumptions and expectations of
our future economic performance, taking into account the
information currently available to management. Forward-looking
statements involve risks and uncertainties that may cause our
actual results, performance or financial condition to differ
materially from the expectations of future results, performance or
financial condition we express or imply in any forward-looking
statements. Factors that could contribute to these differences
include, but are not limited to: the results being reported in this
release are unaudited and subject to change; the cost of our
principal food products and supply and delivery shortages and
interruptions; labor shortages or increased labor costs; changes in
demographic trends and consumer tastes and preferences, including
changes resulting from concerns over nutritional or safety aspects
of beef, poultry, produce, or other foods or the effects of
food-borne illnesses, such as E. coli, "mad cow disease" and avian
influenza or "bird flu"; competition in our markets, both in our
business and in locating suitable restaurant sites; our operation
and execution in new and existing markets; expansion into new
markets including foreign markets; our ability to attract and
retain qualified franchisees and our franchisees' ability to open
restaurants on a timely basis; our ability to locate suitable
restaurant sites in new and existing markets and negotiate
acceptable lease terms; the rate of our internal growth and our
ability to generate increased revenue from our existing
restaurants; our ability to generate positive cash flow from
existing and new restaurants; fluctuations in our quarterly results
due to seasonality; increased government regulation and our ability
to secure required government approvals and permits; our ability to
create customer awareness of our restaurants in new markets; the
reliability of our customer and market studies; cost effective and
timely planning, design and build out of restaurants; our ability
to recruit, train and retain qualified corporate and restaurant
personnel and management; market saturation due to new restaurant
openings; inadequate protection of our intellectual property; our
ability to obtain additional capital and financing; adverse weather
conditions which impact customer traffic at our restaurants; and
adverse economic conditions. Further information regarding factors
that could affect our results and the statements made herein are
included in our filings with the Securities and Exchange
Commission.
Additional information is available on Così's
website athttp://www.getcosi.com in the investor relations
section.
CONTACT:
InvestorRelations@getcosi.com
Miguel Rossy-Donovan
Chief Financial Officer
(857) 415-5020